Spotting Red Flags: How to Identify Elderly Fraud and Protect Your Loved Ones

Elderly fraud, also known as elder financial abuse, refers to any type of financial exploitation of an elderly person. This can include scams, theft, or misuse of an elderly person’s personal or financial information.

Some common scams targeted at the elderly include telemarketing scams, investment scams, and lottery or sweepstakes scams. These scams often involve promising large payouts or prizes in exchange for personal or financial information.

Some red flags to look out for include sudden changes in an elderly person’s financial situation, unexplained withdrawals or transfers of money, and unusual or frequent phone calls or visits from strangers. Additionally, if an elderly person seems confused or forgetful about their finances, they may be more susceptible to fraud.

One of the best ways to protect your loved ones from elderly fraud is to stay involved in their lives and keep an eye on their financial situation. Encourage them to be cautious about giving out personal or financial information, and consider setting up alerts or monitoring for suspicious activity on their accounts. Additionally, staying informed about common scams and red flags can help you recognize and prevent fraud before it happens.

If you suspect that an elderly person you know is being targeted by fraud, it is important to report it to the appropriate authorities. This may include local law enforcement, adult protective services, or state or federal agencies. Additionally, you may want to consider seeking legal advice or contacting a financial advisor for guidance on how to protect the elderly person’s assets and prevent further fraud.